Loans Canada Services Are 100% Free. Disclaimer

Debt Consolidation British Columbia 2019

Compare the best lenders in this region:
ProviderRating
Cash Money -
Climb -
4 / 5
Pylo Finance 4 / 5
Fresh Start Finance 4 / 5
Marble Finance 5 / 5
Money Mart 4 / 5
Private Loan Shop 5 / 5
Progressa 3 / 5
My Canada Payday 5 / 5
Mr. Payday 4 / 5
Money Provider 5 / 5
Loan Express 3 / 5
Loan Away 4 / 5
Lendful 3 / 5
LendDirect 5 / 5
Health Smart Financial Services -
GoDay 4 / 5
iCash 5 / 5
Focus Financial Inc. 2 / 5
FlexFi 5 / 5
Eastern Loans 5 / 5
DMO Credit 5 / 5
Capital Cash 2 / 5
Credit 700 2 / 5
Credit Club 5 / 5
Credit2Go 3 / 5
Ledn 5 / 5
Amber Financial 5 / 5
Affirm Financial 5 / 5
310 Loan 2 / 5
Newstart Canada 4 / 5
Ferratum 5 / 5
SkyCap Financial 4 / 5
Fairstone 2 / 5
Lending Mate 4 / 5
Consumer Capital Canada 4 / 5
Lamina 3 / 5
Loans SOS -
514 Loans 5 / 5
CashCo 5 / 5
UrLoan 5 / 5
Loan Me Now 4 / 5
Captain Cash 4 / 5
BC Loans 4 / 5
Urgent Loans 4 / 5
Easy Financial 3 / 5
Mogo Finance 4 / 5
Cash Money 5 / 5
Borrowell 5 / 5
Magical Credit 5 / 5
Speedy Cash 5 / 5
ProviderRating
Alliance Financing Group LTD -
CanaCap -
CLE Capital -
Canada Equipment Loan -
SharpShooter Funding 5 / 5
First West Credit Union 5 / 5
Meridian Credit Union 5 / 5
Laurentian Bank of Canada 5 / 5
HSBC Bank Canada 5 / 5
National Bank 5 / 5
Canadian Imperial Bank of Commerce (CIBC) 5 / 5
Scotiabank 3 / 5
Bank of Montreal (BMO) 3 / 5
Royal Bank of Canada (RBC) 5 / 5
CWB National Leasing 5 / 5
Money in Motion 5 / 5
Lease Link 5 / 5
FundThrough 5 / 5
Econolease Financial Services Inc. 5 / 5
Easylease Corp 5 / 5
Dynamic Capital 5 / 5
Capify 5 / 5
Canadian Equipment Finance 5 / 5
Capital Key 5 / 5
Cashbloom 5 / 5
BFS Captial 5 / 5
BDC 2 / 5
Baron Finance 5 / 5
B2B Bank 5 / 5
AOne Financial Solutions 5 / 5
Borrowell 5 / 5
iCapital 5 / 5
Lendified -
IOU Financial 5 / 5
Company Capital 5 / 5
OnDeck 5 / 5
Lending Loop 5 / 5
Thinking Capital 5 / 5
ProviderRating
Coast Capital -
Canada Auto Finance -
Credit River Capital Inc -
Capital Trust Financial -
Canadian Truck Loan -
Canada Car Loans -
Car Loans Canada -
Car Creditex -
Auto Capital Canada 5 / 5
Carfinco 5 / 5
Canada Drives 5 / 5
Prefera Finance 5 / 5
Approve Canada 5 / 5
2nd Chance Automotive 5 / 5
Newstart Canada 4 / 5
SkyCap Financial 4 / 5
Splash Auto Finance by Rifco 5 / 5
Carloans411 5 / 5
AutoArriba 5 / 5
ProviderRating
Newstart Canada 4 / 5
BHM Financial 5 / 5
ProviderRating
CMLS Financials -
CHIP Reverse Mortgage -
CanWise -
Centum 5 / 5
Broker Financial Group Inc. 5 / 5
Bridgewater Bank 5 / 5
Alpine Credits 5 / 5

If you feel that you are overwhelmed with your debts, you are certainly not alone in Canada. Many people take on too much debt and are stuck with payments that they are unable to keep up with. You might try and battle these debts and their payments on your own but that is easier said than done.

Take a look at this timetable to see how ongoing debt could affect you.

However, you are not doomed to continue doing it all alone. Thankfully, there are options out there for those who find themselves in mountains of debt and need some assistance. One of the most popular and common options is debt consolidation.

What is Debt Consolidation?

Debt Consolidation is essentially when someone gets a new and larger loan, to pay off all of their smaller existing loans. By doing this, they are combining all of their debts into one, which makes handling debts much easier. For example, many people have several payments to make every month, and it can be easy to become confused or miss some of them.

Here’s what happens when you can’t make your loan payments on time.  

In addition to making your monthly payment a lot easier, debt consolidation can also help you get a lower interest rate, which could save you a ton of money in the long run. This can help you pay off debt faster and get back on track to healthier finances and a better credit score.

What is a Debt Consolidation Program?

Debt consolidation programs are also a good option, where you’ll be working closely with a credit counsellor to ensure that you are able to enjoy a debt-free future! These programs will help you to combine all of your debts into one, simple payment and help reduce your monthly debts.

Want some information about credit counselling in British Columbia? Look here.

The main difference between a debt consolidation loans and a debt consolidation program is that a debt consolidation loan requires you to take out a loan to pay off all of your debts, but with a debt consolidation program, your debt relief provider will help you combine all of your debts into one payment. This prevents you from needing to take out a loan, and also, many prefer to work with a debt relief specialist instead of handling this alone.

Learn How to Tackle DebtCheck out this infographic for even more information about how to tackle your debt. 

Reasons Why People Get into Debt in British Columbia

Debt consolidation is a debt relief option that can work for a wide variety of people, with a variety of different types of debt. So, just what sort of things lead people to get so much debt that they need to consider debt consolidation?

Well, there are many different reasons that people get into debt in British Columbia and they include:

  • Overspending and not tracking where all of their money is going each month
  • Losing a job and having to use their remaining savings to handle bills
  • A demotion or other reduction in their income
  • Emergencies such as a car accident, home repairs, and medical issues can often force people into debt
  • Buying a home that they simply cannot afford, which can be a problem in expensive places like Vancouver and Victoria, in particular

For a better idea of the cost of buying a house in Canada, look at this infographic.

Keep in mind that not all debt can be consolidated with a debt consolidation program and often a debt consolidation loan requires an average to good credit score. So, depending on what type of debt you have and how you accumulated it, one of the two debt consolidation options available to you may be a better choice for your needs.

To read more about consolidation and how it can help you, check this out.

Bad Debt vs. Good Debt

When we think of debt, we always seem to assume that debt is bad. However, this isn’t really the case. While some debt is definitely bad, other sorts of debt can actually be good and helpful in certain scenarios. In an effort to differentiate the two, we’ll take a closer look to ensure you know which debts are considered good and which are bad.

Click here to see some debt consolidation options for those with bad credit.

Bad Debt

Bad debt is bad because it pays for things that don’t provide any sort of financial return, and will actually make your finances worse over time. Also, once you bring interest into the fray, this debt becomes even worse. Examples of bad debt include consumer debt and credit card debt, payday loan debt and even car loan debt as vehicles are depreciating assets.

Trying to find debt relief from your payday loans? Read this first.  

Good Debt

On the other hand, good debt is debt that you take on that will essentially act as an investment in yourself or your future. These include things like student loans, investment for your business, or a mortgage.

Of course, if you can go through life without any sort of debt that would save you the most amounts of money, but that simply isn’t realistic at all for most people. Also, these rules aren’t black and white, as a mortgage isn’t always a good debt, especially if you are house poor.

Debt Consolidation Options That Work For You

If you feel that debt consolidation is the debt relief option you want to go with, feel free to reach out to Loans Canada and we are confident that we can help.

FAQs

Will seeing a credit counsellor affect my credit score?

  • Meeting with a credit counsellor to discuss your credit building or debt relief options will not affect your credit score. But, if you enter into a certain type of debt relief program through your counsellor, that could have negative effect on your credit score.

What is the difference between unsecured and secured debt?

  • Secured debt is backed by collateral in the form of an asset, typically a vehicle or house. Collateral lessens the risk for the lender and sometimes allows a borrower to gain access to a larger loan or a lower interest rate. In the event that a borrower defaults on a secured loan, the lender has the right to seize the assets to recoup any losses. Unsecured debt, on the other hand, does not require any form of collateral or security.

What is insolvency?

  • Insolvency is the state of being unable to repay your debt. A borrower who is insolvent typically must seek professional help to deal with their debt issues.

Does the Canadian Government offer debt relief services?

  • The government of Canada does not offer any specific debt relief programs or products.

How useful was this post?

Click on a star to rate it!

Posted by
After dipping his toes into freelance writing while still enrolled in school, Kale decided to pursue freelance writing as his career after earning his Bachelors degree from the University of Regina. In his six-year career as a professional writer, Kale has focused on writing about finance, technology, cryptocurrency, entertainment, and sports. Kale work has been published on Yahoo, RentHop, the Regina Leader-Post, and ReboundFinance.com. Kale loves to create a wide variety of personal financ...

Services In This Region
From the blog...
Make Sure You Understand These Financial Terms Before Getting a Loan
Posted on November 19, 2019

Make Sure You Understand These Financial Terms Before Getting a Loan

Taking on a loan is a serious financial decision, make sure you understand these terms first as they will help make the process as smooth as possible.

Can I Pay Off My Loan Early?
Posted on October 31, 2019

Can I Pay Off My Loan Early?

Thinking about paying off a loan early to save on interest or to get rid of any debt you have? Loans Canada has all the information and advice you nee... Read More

How Can I Get a Lower Interest Rate on a Loan?
Posted on September 26, 2019

How Can I Get a Lower Interest Rate on a Loan?

From our friends at Fairstone Financial, everything you need to know about how to get a lower interest rate on a loan.

Related Videos
How To Identify A Loan Scam
How Your Credit Score is Calculated
The Ins & Outs of Debt Consolidation
Note:

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.

Loans Canada and its partners will never ask you for an upfront deposit, upfront fees or upfront insurance payments on a loan. To protect yourself, read more on this topic by visiting our page on loan scams.